Joint Mortgage with Ex-Partner

NJW914

Hi all!

I’m looking for some advice on a house that I co-own with my ex partner (70/30 split in her favour). When the relationship ended I offered to carry on paying my share of the mortgage as, at the time, she was a low earner and it would of put her under financial strain to pay the full amount herself. The plan was that she would eventually ‘buy’ me out of the mortgage and I would sign my share over to her once she could afford to do so.

It has now been almost 5 years since the split and she has ignored my requests to find out her future plans (it’s also worth mentioning I have been refused access to the property since the split). In this time I have married and bought a property (solely in my wife’s name), and due to a growing family we are now looking to upsize and move to a joint mortgage, however I fear I would struggle to find a mortgage deal considering I am still tied to the previous one. At this point I want nothing of the old house other than the money I have already paid into the mortgage (currently around £12000) or my share of the sale price should my ex partner choose to sell.

Do I have any options to move things along? I fear I could be paying this mortgage for the full term, when in reality I just want to take the money I’m owed and be done with it.

Many thanks in advance

Thrugelmir

Consult a solicitor and ultimately threaten to force the sale through the courts. Far from cheap. A solicitors letter might have the desired impact of focusing attention though.

foxy-stoat

Get your 30 minutes free with your solicitor, that should get you an indication of likely costs of trying to force a sale. Try and speak to her face to face or on the phone before legal action and see where she is financially.

NJW914

Thankyou for your advice - That’s my worry, that forcing a sale will cost all of the money held in the property!

Thrugelmir

NJW914 wrote: »

Thankyou for your advice - That’s my worry, that forcing a sale will cost all of the money held in the property!

Hence why it will focus your ex's attention. As they'll come out of the situation with absolutely nothing.

foxy-stoat

NJW914 wrote: »

Thankyou for your advice - That’s my worry, that forcing a sale will cost all of the money held in the property!

How much are you talking about and what is the rough value of the property you are wanting to buy?

NJW914

foxy-stoat wrote: »

How much are you talking about and what is the rough value of the property you are wanting to buy?

The property I co-own is worth around 95k and I have paid approx 12k into the mortgage since it was taken out. My wife and I are looking at properties in the region of 200k with a joint mortgage.

foxy-stoat

Additional stamp duty on the second home will be £10,000 - so if you do nothing with the first property you will have to pay it.

If the ex's lender agrees that she can take on the mortgage on her own but she cannot get the money to pay you out then your better off just transferring the equity to her and get your name off the mortgage and place a second charge on the property for whatever your equity is.....or transferring the equity and forgetting about it.

You will spend all the equity forcing a sale and have nothing to show for it once the property is sold.

You need to have a conversation with the ex to see if she wants to pay you out the full value or a reduced sum as the mechanics of getting out of the mortgage will cost you the equity.

NJW914

foxy-stoat wrote: »

your better off just transferring the equity to her and get your name off the mortgage and place a second charge on the property for whatever your equity is.

Am I able to place a charge on the property? That could be the answer I'm looking for!

foxy-stoat wrote: »

You need to have a conversation with the ex to see if she wants to pay you out the full value or a reduced sum as the mechanics of getting out of the mortgage will cost you the equity.

I've tried, I've tried calling and texting and get ignored, and sent emails that either get fobbed off or no response at all, pushing me to seek guidance elsewhere.

foxy-stoat

NJW914 wrote: »

Am I able to place a charge on the property? That could be the answer I'm looking for!

I've tried, I've tried calling and texting and get ignored, and sent emails that either get fobbed off or no response at all, pushing me to seek guidance elsewhere.

Have you called round to the house and spoken face to face?

You need to find out what the issue is, her not being able to get a mortgage on her own or her not wanting or cant afford to buy you out. So a second charge may be a comprise if you can turn your equity into a secured loan which will get paid on when/if she sells.

Speak to your solicitor and see what you options are - at best you are trying to avoid the additional stamp duty and not paying legal fees to do so. The equity you are trying to get is secondary as the likelihood you seeing any of it is very slim.